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Vend and Seequent

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SaaS Metrics Cheat Sheet

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Cloud Index as at 31 March 2025

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New Zealand's Technology Boom

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199

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Vend and Seequent

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87

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SaaS Metrics Cheat Sheet

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#268

Overview Clare Capital Tech Insights 268 - Pushpay takeover offer - 20221104; Customers Annual revenue and monthly Average Revenue Per Customer (ARPC) US$m; EBITDA and gross margin Share price NZ$; After months of rumours Pushpay has received a US$933m offer from Australian private equity firm BGH Capital and American investment firm Sixth Street Partners. The deal values; Pushpay at NZ$1.34 per share. In comparison Pushpay were trading at $1.89 at the start of November 2021 and below $1.00 at the end of February 2022. The second page looks at; potential returns for the acquirers. Note: share price data is in NZ$ whilst financial data is in US$. March year end.; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; -; 50; 100; 150; 200; 2020 2021 2022; ARPC US$; Total revenue US$m; Subscription Processing fees Other ARPC; -; 0.5; 1; 1.5; 2; 2.5; Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22; Pushpay; NZX 50; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 2017 2018 2019 2020 2021 2022; Gross margin; EBITDA margin; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; 16000; 2019 2020 2021 2022; Pushpay Church Community Builder (CCB) Resi Media; US$87.5m acquisition US$141m acquisition; Note: assumes; no change to; CCB customer; base; $2.33 peak; CLARE CAPITAL TECH INSIGHTS; High level illustrative analysis of potential returns. Assumes the transaction is completed at the end of FY23 and a five year holding period.; Assumptions US$m; FY23 CAGR FY28; ARPC $ 1 250 2% 1 375; Customers 14 867 8% 22 300; Revenue 224 11% 370; EBITDA margin 25% 2% 28%; EBITDA 56 13% 102; Interest expense (1) 61% (13); Capex (0) 137% (30); Tax (13) 10% (21); Cashflow 41 (2%) 3 7; Potential investor returns US$m; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; With an exit EV of US$1693m and a debt repayment of US$224m based on this; illustrative analysis there will be a flow to the investors of US$1469m in 2028. With an; implied IRR of 18%.; Assumes investors borrow 4x; EBITDA with an interest rate of; 6%.; Capex includes acquisitions.; 16.7x EBITDA; -; 500; 1000; 1500; 2000; 2500; Pre Deal EV Post Deal EV EV at exit EBITDA over; period; Interest Tax Capex Debt pay down Investor return; Debt; Equity; $709m; $224m; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 6% 8% 10% 12% 14% 16% 18% 20%; IRR; Revenue GAGR; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 23% 25% 27% 29% 31% 33% 35% 37%; IRR; Terminal EBITDA margin; CLARE CAPITAL TECH INSIGHTS

4 Nov

268

Pushpay takeover offer

#267

Overview Clare Capital Tech Insights 267 - Music Catalogue M&A - 20221028; Global Music Catalogue M&A Transaction Value (US$bn) Global Music Industry Revenue (US$bn); Notable Acquisitions of Music Catalogues; Acquirer Investment Firm Selling Artist Catalogue Size Rights Type Sold Date Acquisition Price; No. of Songs US$m; Warner Music David Bowie 400+ Publishing Jan-22 250+; Sony Music Bruce Springsteen 300+ Publishing & Masters Dec-21 550+; Hipgnosis Red Hot Chili Peppers 220 Publishing Jul-21 140+; KKR Ryan Tedder ~500 Publishing Jan-21 200; Hipgnosis Shakira 145 Publishing Jan-21 Undisclosed; Hipgnosis Neil Young 1 180 Publishing Dec-20 150; Universal Music Bob Dylan 600 Publishing Dec-20 300+; Shamrock Holdings Taylor Swift ~111 Masters Nov-20 300; Vine Alternative Investments Calvin Harris 150+ Publishing Oct-20 90+; This Tech Insights report centres around the significant interest shown in music catalogue acquisitions over the last few years. Supported by an emerging streaming boom the music; industry has seen a reversal on its downward revenue trend as well as an increase in the Net Publisher Share multiple. The first page digs into the data underpinning this interest while the; second page provides an illustration of the business model for how copyright holders (i.e. the artists and songwriters) receive income.; No; Yes/No; No; Yes; Yes; Yes; Yes; No; Yes; Yes; -; 5; 10; 15; 20; 25; -; 5; 10; 15; 20; 25; 30; 1999; 2001; 2003; 2005; 2007; 2009; 2011; 2013; 2015; 2017; 2019; 2021; NPS multiple (x); Revenue; Synchronisation; Performance; Rights; Downloads &; Other Digital; Streaming; Physical; NPS Multiple; -; 2; 4; 6; 8; 10; 12; 14; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; Transaction Value; =- Net Publisher Share (NPS): Publishing royalties less any amounts paid to rights holders.; =- NPS multiple: Similar to a P/E multiple for a company.; Source: Midia Research; Apple Music; launched in; 2015; CLARE CAPITAL TECH INSIGHTS; Business Model: Income distribution amongst copyright holders. An example of the song "Knockin' on Heaven's Door" by Bob Dylan has been used.; Disclaimer; The information provided in this report has been sourced and calculated from Hipgnosis Music Business Worldwide Shot Tower Capital and IFPI. Clare Capital holds no responsibility; over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Knockin' on; Heaven's; Door; Bob Dylan; 1973; Rams Horn; Music; Rams Horn; Music; Rams Horn; Music; – Performer and Songwriter (not; the same person in many cases); – Publisher; – Record Label; Rams Horn; Music; – Publisher; Copyright Holders; Recording/Master Rights; Rights to the master recording of; a song. Earned by recording; artists studios labels and; producers. Breakdown below.; Reproduction Rights; Performance royalties collected by; the sound recording copyright; holder(s).; Master Artist Royalties; Earned when the master recording; is streamed downloaded or; physically bought.; Rights to the musical composition; of a song i.e. melodies and lyrics.; Earned by songwriters and; publishers. Breakdown below.; Performance Royalties; Earned from licenses obtained by; venues to publicly perform or; broadcast the song. This includes; restaurants shops etc.; Mechanical Royalties; Earned when a copy of the song is; made either physical or digital.; Streaming generates mechanical; and performance royalties.; Songwriter/Publishing Rights; Synchronisation Fees; Fees generated when a visual image is matched to; the song - falls under both publishing and master; rights. This includes video games films and TV.; Song; Diagram structure concept derived from Hipgnosis.; CLARE CAPITAL TECH INSIGHTS

#266

Overview Clare Capital Tech Insights 266 - Rugby World Cup 2021 - 20221014; RWC Black Ferns contracts RWC 2021 current results; Pool A results; Score; Sat 8 Oct Australia v New Zealand (Win) 17 41; Sun 9 Oct Wales (Win) v Scotland 18 15; Black Ferns and All Blacks average caps by position Sat 15 Oct Scotland v Australia (Win) 12 14; Black Ferns All Blacks Sun 16 Oct Wales v New Zealand (Win) 12 56; Position Count Average caps Count Average caps; Fullback 1 5.0 1 45.0; Hooker 3 6.0 3 57.7 Pool B results; Prop 6 6.5 6 23.8; Lock 3 8.3 4 77.0 Score; Midfielder / Centre 4 10.5 5 28.0 Sun 9 Oct USA v Italy (Win) 10 22; Loose Forward 6 11.7 6 37.0 Sun 9 Oct Japan v Canada (Win) 5 41; First Five-Eighth 2 19.0 3 50.3 Sat 15 Oct USA (Win) v Japan 30 17; Wing 4 21.3 4 13.8 Sun 16 Oct Italy v Canada (Win) 12 22; Halfback 3 25.7 3 41.7; 32 12.5 35 38.9; Black Ferns players by Super Club Pool C results; Score; Sat 8 Oct South Africa v France (Win) 5 40; Sat 8 Oct Fiji v England (Win) 19 84; Sat 15 Oct France v England (Win) 7 13; Sun 16 Oct Fiji (Win) v South Africa 21 17; In the 2017 RWC England was the only team made up of all professional rugby players whereas New; Zealand had just six players contracted. 2022 is the first year the Black Ferns are a team of fully; professional rugby players prior to full-time contracts athletes would fit in training before and after; work. Black Ferns contracts range between $70 000 - $130 000+ per year (which is now above the; remuneration of England's Red Roses).; New Zealand is the host of this year's Rugby World Cup (RWC) which kicked off at Eden Park on the 8th of October to a sellout stadium. The crowd more than doubled; the largest ever attendance for a women's sports event in New Zealand. The Black Ferns are five-time RWC champions and were the first women’s team to ever be; named the World Rugby Team of the Year in 2017. England's Red Roses are currently the favourite to beat after an impressive recent performance of 27 consecutive; wins. The Black Ferns' next pool match is against Scotland on Saturday 22 October although the Black Ferns have already secured a spot in the quarterfinals. This Tech; Insights Report looks into the Black Fern's current squad and results of the RWC so far as well as the team's historic performance. Let's go NZ!; 12; 10; 6; 3; 1; -; 4; 8; 12; Chiefs Manawa Matatū Blues Hurricanes Poua No –club; CLARE CAPITAL TECH INSIGHTS; RWC placings by Country (1991 - 2017) Black Ferns Test Match record (Wins Draws Losses and % Wins); Games NZ win rate Team; 1 100%; 1 100%; 1 100%; 1 100%; 1 100%; 2 100%; 2 100%; 2 100%; 3 100%; 5 100%; 16 100%; 23 100%; 13 92%; 29 62%; RWC winners 9 56%; New Zealand: 2017 2010 2006 2002 1998 2 50%; England: 2014 1994 United States: 1991 111 85%; The information provided in this report has been sourced and calculated from New Zealand Rugby and other relevant sources. Clare Capital holds no responsibility over the actual; numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Since the Black Fern's international Test Match debut in 1991 they have only lost to 4; of the 16 nations they have played.; Disclaimer; 5; 2; 1; 5; 2; 1; 1; 6; 1; 1; 1; 3; 1; 1; 1; - 2 4 6 8; New Zealand; England; United States; Canada; France; Australia; Wales; Ireland; Placings count; Champion 2 Runner-up Third Fourth; - 10 20 30; Ireland; France; England; USA; Australia; Canada; Wales; Scotland; Samoa; Germany; World XV; Hong Kong; Japan; Kazakhstan; South Africa; Spain; Wins Draws Losses; 1 3 4; CLARE CAPITAL TECH INSIGHTS

#265

Overview Clare Capital Tech Insights 265 - What’s happening in the UK? - 20221007; Year on year inflation (consumer price index %) Official cash rates for major central banks; Commentary Performance of currencies against the dollar indexed to 31/12/2021; Liz Truss (UK Prime Minister) has been in the news as the pound tumbled and UK markets suffered some of their largest losses since the GFC. This after announcing a 'mini-Budget'; that would cut taxes seemingly at odds with the Bank of England's ('BoE') tightening monetary policy. As a result markets feared greater inflation risk alongside the negative reaction; from the public who will ultimately pay (through higher mortgage rates) as the BoE will now have to raise their base rate (official cash rate equivalent) even higher.; 1. In a post Covid/loose monetary policy environment excess demand sees most major; economies experience record levels of inflation. The UK records double digit inflation as; high as 10.1% year on year.; 2. To combat inflation central banks begin to raise rates. RBNZ is one of the first to; start its tightening policy. For a long time the US Fed believes inflation is transitory ; then begins to aggressively raise rates.; 3. With the relative real return of assets in markets as compared to the US falling ; investors pull money back into the US. This results in major currencies falling; significantly against the dollar.; On 23 Sept. 2022 the UK Government revealed their 'mini-Budget' which will see the; basic income tax move from 20% to 19% and the removal of the higher 45% income; tax rate to a single rate of 40%. Of key concern was that the tax cuts were unfunded.; -; 0.005; 0.01; 0.015; 0.02; 0.025; 0.03; 0.035; Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22; BoE FED RBNZ; -0.25; -0.2; -0.15; -0.1; -0.05; -; 0.05; Jan-22 Mar-22 May-22 Jul-22 Sep-22; USD/GBP USD/NZD; -0.02; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 40909; 41122; 41334; 41548; 41760; 41974; 42186; 42401; 42614; 42826; 43040; 43252; 43466; 43678; 43891; 44105; 44317; 44531; 44743; UK CPI US CPI NZ CPI; 1 2; 3; Truss u-turns on; abolishing top; 45% tax rate.; Having initially allowed; 'transitory' inflation to; rise the FED begins to; aggressively hike rates.; Inflation almost doubles; in a single year from; 5.5% to 9.9% in the UK.; CLARE CAPITAL TECH INSIGHTS; United Kingdom yield curve changes Performance of major UK fixed interest indices indexed to 30/09/2021; Commentary Performance of major equity indices indexed to 30/09/2017; Disclaimer; The information provided in this report includes estimates and calculations from S&P Global Market Intelligence and other sources. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 4. The reaction of markets was to sell off fixed interest assets and price in further rate; hikes (as shown by the large steepening of the yield curve) to tame additional inflation; from the 'mini-Budget'.; 5. Performance of the UK Investment Grade Corporate Bond Index and UK Gilt; (government) Index fell significantly over September 2022. In particular UK Gilts given; the tax cuts were unfunded and for fears the UK's already high government debt; (c100% debt-to-GDP) would become unsustainable.; Given how pension funds are managed/hedged in the UK the sharp rise in UK Gilt; yields meant their positions became unhedged and required additional collateral. Had; the BoE not stepped in buying Gilts on market to push yields down markets were at; risk of dysfunction and wider contagion.; -0.4; -0.2; -; 0.2; 0.4; 0.6; Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22; FTSE 100 S&P 500 NZX 50; -; 0.005; 0.01; 0.015; 0.02; 0.025; 0.03; 0.035; 0.04; 0.045; 0.05; 1m 3m 1y 2y 3y 4y 5y 6y 7y 8y 9y 10y; Most Recent Month Ago Year Ago; 4; -0.4; -0.35; -0.3; -0.25; -0.2; -0.15; -0.1; -0.05; -; 0.05; 0.1; Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22; UK IG Corp. Bond Index UK Gilt Index; BoE begins buying; Gilts on open; market.; 2y rates moved; 1.4% higher in; a single month.; 5; UK equity market; performance has been; lacklustre for some time.; CLARE CAPITAL TECH INSIGHTS

7 Oct

What’s happening in the UK?

265

#264

Overview Clare Capital Tech Insights 264 - Cloud Index as of 30 September 2022 - 20220930; NTM Revenue Multiple Index for Public Cloud Companies Listed in the US and ANZ (EV / NTM Revenue); Performance Sep-22 Jun-22 Change Sep-21 Change; US Cloud Index 5.2x 5.4x (4%) 14.4x (64%); US Cloud Index (12MMA) 9.0x 11.2x (20%) 15.6x (43%); ANZ Cloud Index 2.8x 2.6x 9% 5.4x (48%); ANZ Cloud Index (12MMA) 3.7x 4.3x (15%) 5.7x (36%) Note: NTM = Next 12 months 12MMA = 12 month moving average; This report looks at valuation metrics for cloud companies publicly listed in the United States Australia and New Zealand. The index consists of 93 companies in the United States (US) and; 50 companies in Australia/New Zealand (ANZ). It is worth noting that there is a significant company size difference between the two indices with the median EV of US companies at $8.3b; NZD versus $0.3b NZD for ANZ companies. As of the 30th of September 2022 the US Cloud index has plateaued after a rough year down 4% from the previous quarter to 5.2x NTM; revenue. The ANZ Cloud index has also stemmed the downward flow on value increasing 9% to 2.8x NTM revenue.; 19.6x; 6.6x; -; 2.0x; 4.0x; 6.0x; 8.0x; 10.0x; 12.0x; 14.0x; 16.0x; 18.0x; 20.0x; 31-Mar-18 30-Sep-18 31-Mar-19 30-Sep-19 31-Mar-20 30-Sep-20 31-Mar-21 30-Sep-21 31-Mar-22 30-Sep-22; 5.2x; 2.8x; 9.0x; 3.7x; ANZ Cloud Index; (Median); US Cloud Index; (Median); ANZ Cloud Index; (12MMA); US Cloud Index; (12MMA); CLARE CAPITAL TECH INSIGHTS; NTM Revenue Multiple Index for Public Cloud Companies Listed in the US NTM Revenue Multiple Index for Public Cloud Companies Listed in ANZ; US Cloud Index 25th 75th 90th ANZ Cloud Index 25th 75th 90th; 30-Sep-22 Percentile Median Percentile Percentile 30-Sep-22 Percentile Median Percentile Percentile; EV ($m NZD) 2 880 8 266 22 764 63 168 EV ($m NZD) 9 6 2 90 8 10 2 289; EV / NTM Rev 3.4x 5.2x 8.0x 13.4x EV / NTM Rev 1.6x 2.8x 5.2x 9.2x; Revenue Growth (NTM) 16% 24% 36% 48% Revenue Growth (NTM) 8% 18% 35% 82%; EV / LTM Rev 3.8x 6.5x 10.1x 19.1x EV / LTM Rev 1.6x 3.2x 6.4x 13.8x; Revenue Growth (LTM) 18% 30% 42% 61% Revenue Growth (LTM) 12% 24% 57% 113%; Gross Margin 65% 74% 79% 86% Gross Margin 34% 61% 87% 95%; Operating Margin (40%) (19%) (3%) 18% Operating Margin (42%) (11%) 16% 27%; FCF Margin 7% 14% 27% 36% FCF Margin (14%) 2% 17% 25%; Note: The percentiles for each metric are calculated individually.; EV = Enterprise Value LTM = Last 12 months NTM = Next 12 months FCF = Unlevered free cash flow; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 10.0x; 20.0x; 30.0x; 40.0x; 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22; 25th Percentile Median 75th Percentile; -; 4.0x; 8.0x; 12.0x; 16.0x; 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22; 25th Percentile Median 75th Percentile; 5.2x; 2.8x; 1.6x; 8.0x; 5.2x; 3.4x; 19.6x; 6.6x; Median Market High; (Feb-21); CLARE CAPITAL TECH INSIGHTS

30 Sep

Cloud Index as of 30 September 2022

264

#263

Overview Clare Capital Tech Insights 263 - NZ CEO pay - 20220916; FY22 CEO base pay and short term performance bonus (NZD millions) FY22 CEO short term performance bonus by tenure (NZD millions); This Tech Insights report looks at CEO pay at some of New Zealand's largest listed companies. The three core components of CEO pay are base (fixed) remuneration short term cash /; equity incentives and long term equity incentives. This report focuses on base pay and short term incentives. The first page breaks down FY22 remuneration whilst the second page; examines the change in CEO base pay and staff numbers between FY19 to FY22.; Precinct Properties and Mainfreight CEOs started in 2012 and 2003 respectively and; received $0.6m and $0.8 in short term performance bonuses in FY22. These have been; removed from the above graph for presentation purposes.; - 1 2 3 4 5 6; Mainfreight; Fletcher Building; A2 Milk; Fisher & Paykel Healthcare; EBOS; SkyCity Entertainment; Mercury; Chorus; Spark New Zealand; Auckland Airport; Contact Energy; Meridian Energy; Ryman Healthcare; Precinct Properties; Port of Tauranga; Kiwi Property; CEO pay; Base/fixed remuneration Discretionary variable remuneration; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22; Short-term performance pay; CEO start date; Relative Enterprise Value; *; *; * FY22 base salary scaled due to new CEO starting mid financial year; CLARE CAPITAL TECH INSIGHTS; Change in CEO base pay and staff numbers between FY19 to FY22; CEO base pay (NZD m); Company FY19 FY22 FY19 FY22 Change in CEO base pay and staff count (FY19 - FY22); Fisher & Paykel Healthcare 1.3 1.7 4 353 6 788; EBOS 1.2 1.6 4 642 3 496; A2 Milk 1.6 2.0 228 427; Precinct Properties 0.7 0.8 100 150; Mainfreight 2.1 2.6 8 079 10 393; Contact Energy 1.0 1.2 835 1 010; Kiwi Property 0.6 0.7 147 165; Meridian Energy 1.0 1.1 1 001 941; Mercury 1.2 1.3 775 1 335; Fletcher Building 2.2 2.3 16 825 14 700; Chorus 1.2 1.3 918 799; Ryman Healthcare 1.0 1.0 5 300 6 700; Skycity Entertainment 1.5 1.5 3 600 5 000; Auckland Airport 1.3 1.2 730 476; Spark New Zealand 1.4 1.2 5 377 5 144; Port of Tauranga 0.9 0.8 230 256; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and published annual reports. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Staff (#); (40%) (20%) - 20% 40% 60% 80% 100%; CEO base pay % change Staff % change; CLARE CAPITAL TECH INSIGHTS

#262

Overview Clare Capital Tech Insights 262 - Kiwi Group Holdings Acquisition - 20220909; Kiwi Group Holdings corporate structure Kiwi Group Holdings acquisition; The deal will eliminate this part of the corporate structure. All three of these entities are; owned by the New Zealand Government so the overall value of the Crown's consolidated; balance sheet will remain the same after the acquisition.; The bulk of the acquisition lies in Kiwibank which is currently the fifth largest bank in; New Zealand by asset size. Kiwibank was launched in 2002 by NZ Post with initial funding of; $65 million. In 2016 NZ Post sold 47% to ACC and NZ Super Fund.; 2016 investment 2017 additional Share in KGH; in KGH contribution acquisition; Entity Shareholding (NZD millions) (NZD millions) (NZD millions); NZ Post 53% 131 1 117; NZ Super Fund 25% 263 62 527; ACC 22% 231 54 464; Total 100% 494 247 2 108; Kiwibank quarterly revenue (NZD millions); This Tech Insights report takes a look at the New Zealand Government's acquisition of 100% of Kiwibank’s parent company Kiwi Group Holdings in a $2.1 billion transfer of assets.; The acquisition will be funded through a multi-year capital allowance. As a point of reference the budget for 2022 has a $4.7 billion provision for capital investment.; Kiwi Insurance was sold; to nib NZ in November; 2021 for $45m.; Hatch was sold to FNZ in; 44501; (by ); Kiwi Wealth announced; its sale to Fisher Funds in; August 2022 for $310m; -50; -; 50; 100; 150; 200; Mar; 18; Jun; 18; Sep; 18; Dec; 18; Mar; 19; Jun; 19; Sep; 19; Dec; 19; Mar; 20; Jun; 20; Sep; 20; Dec; 20; Mar; 21; Jun; 21; Sep; 21; Dec; 21; Mar; 22; Jun; 22; NZD millions; All other income Fees and commission income; Gains / losses on trading and hedging Net interest income; CLARE CAPITAL TECH INSIGHTS; Total assets for largest NZ banks as at June 2022 (NZD millions) Operating income for largest NZ banks for quarter ending June 2022 (NZD millions); Return on assets for NZ's five largest banks; Disclaimer; The information provided in this report has been sourced and calculated from The Reserve Bank New Zealand website and Disclosure Statements. Clare Capital holds no responsibility; over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -0.5; -; 0.5; 1; 1.5; Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022; %; ANZ BNZ ASB Westpac Kiwibank; 0.3; 20% 19% 19%; 0.05; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; -; 50000; 100000; 150000; 200000; 250000; ANZ BNZ ASB Westpac Kiwibank; % of total NZ bank assets; Assets (NZD millions); Cash and bank deposits Debt securities held; Net loans and advances Derivatives in an asset position; Repos and all other assets; 0.022; 0.022; 0.023; 0.02; 0.023; -; 0.005; 0.01; 0.015; 0.02; 0.025; -; 200; 400; 600; 800; 1000; 1200; 1400; ANZ BNZ ASB Westpac Kiwibank; Net interest margin (NIM); Operating income (NZD millions); All other income Fees and commission income; Gains / losses on trading and hedging Net interest income; In the June 2020; quarter Kiwibank; recorded an operating; loss of -17.8m due to; a large impairment; provision during the; Covid-19 pandemic; CLARE CAPITAL TECH INSIGHTS

9 Sep

Kiwi Group Holdings Acquisition

262

#261

Overview Clare Capital Tech Insights 261 - Data Centre Update - 20220902; Selected transactions of publicly listed data centre providers; Acquired company; Announced date Nov-21 Nov-21 Jun-21; Implied EV (US$m) 9 506 15 183 8 558; Data centres 25 50+ 28; EV/data centres 380 ~304 306; LTM revenue (US$m) 639 1 155 560; EV / LTM revenue 14.9x 13.1x 15.3x; LTM EBITDA (US$m) 362 566 258; EV/ LTM EBITDA 26.3x 26.8x 33.1x; Acquirer; Share price index for acquired data centre companies Data stored in data centres worldwide Data size convertors; 1000 bytes = one kilobyte (KB); 1000 KB = one megabyte (MB); 1000 MB = one gigabyte (GB); 1000 GB = one terabyte (TB); 1000 TB = one petabyte (PB); 1000 PB = one exabyte (EB); 1000 EB = one zettabyte (ZB); Source: statistia; Data centre providers are part of the growing cloud infrastructure industry. Data centres allow organisations to lease infrastructure managed by a third-party partner and access data; centre resources over the internet. This report focuses on three transactions in 2021 of publicly listed data centre providers that were acquired. The second page looks at selected; publicly listed data centre companies from around the world.; -; 20; 40; 60; 80; 100; 120; 140; Jan-21 Apr-21 Jul-21 Oct-21 Jan-22; -; 200; 400; 600; 800; 1000; 1200; 1400; '15 '16 '17 '18 '19 '20 '21; exabytes; CLARE CAPITAL TECH INSIGHTS; Selected data centre companies (US$m); LTM NTM LTM NTM LTM NTM LTM NTM; Equinix United States 71 920 11.0x 29.2x 6 558 7 589 2 461 3 530 9% 16% 38% 47%; Digital Realty United States 50 873 11.3x 23.1x 4 507 4 948 2 203 2 595 4% 10% 49% 52%; GDS China 9 610 7.3x 18.1x 1 314 1 451 531 658 26% 10% 40% 45%; Switch United States 7 410 11.4x 24.9x 652 701 297 371 23% 7% 46% 53%; Rackspace United States 4 743 1.5x 7.8x 3 088 3 132 606 525 8% 1% 20% 17%; SUNeVision Hong Kong 4 167 15.7x 26.2x 266 323 159 231 10% 21% 60% 72%; NEXTDC Australia 3 661 18.3x 34.7x 201 238 106 133 9% 19% 53% 56%; VNET China 2 304 2.3x 10.3x 997 1 147 224 296 17% 15% 23% 26%; Median 6 076 11.1x 24.0x 1 155 1 299 414 448 10% 13% 43% 49%; LTM: Last 12 months NTM: Next 12 months; Share price index for selected data centre companies since 2019 indexed at Jan 2021; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Revenue EBITDA Revenue growth EBITDA margin; Company Headquarters; Enterprise; value; LTM rev; multiple; LTM EBITDA; multiple; -; 50; 100; 150; 200; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; SUNeVision; VNET; GDS; Rackspace; NEXTDC; S&P 500; Digital Realty; Equinix; Switch; SUNeVision; Index date; CLARE CAPITAL TECH INSIGHTS

#260

Overview Clare Capital Tech Insights 260 - Streaming services - 20220826; Netflix and Disney subscribers Monthly Average Revenue Per User ($ USD); ARPU Subscribers (m); Netflix $11.67 220.7; Disney $7.51 221.0; Disney+ (excluding Disney+ Hotstar) $6.29 93.6; Disney+ Hotstar (India) $1.20 58.4; ESPN+ $4.55 22.8; Hulu $19.41 46.2; Netflix and Disney monthly churn rates; Age distribution estimates of Netflix and Disney subscribers; Netflix and Disney share price ($ USD); Following the launch of Disney+ in 2019 Disney has experienced huge growth and recently surpassed Netflix (based on subscriber count) with 221 million subscribers. For the; second quarter in a row Netflix has reported a net loss of subscribers. Disney operates several streaming services internationally including Disney+ Disney+ Hotstar ESPN+ and; Hulu each positioned to slightly different markets. Disney has a majority stake in both Hulu (67%) and ESNP+ (80%). Disney+ Hotstar is India's largest premium streaming; platform and accounts for 25% of Disney's total subscribers (although at a much smaller Average Revenue Per User - ARPU). Both Netflix and Disney+ are available in New; Zealand as well as local streaming services these are explored further on the second page of this report.; -; 50; 100; 150; 200; 250; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Subscribers (millions); -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; 0.45; 0-17 18-34 35-54 55+; % of total users; Netflix; Disney+; Hulu; ESPN+; -; 0.02; 0.04; 0.06; 0.08; 0.1; Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Feb-22; ESPN+; Hulu; Disney+; Netflix; -; 200; 400; 600; 800; 2016 2017 2018 2019 2020 2021 2022; Netflix; Disney; CLARE CAPITAL TECH INSIGHTS; Lightbox sale to Sky Network Television Sky streaming revenue and ARPU ($ NZD); 130 000 active users 196 000 active users; (as at Feb 2020) (as at Feb 2020); Most popular streaming platforms in NZ TVNZ OnDemand - streams by device; Source: JustWatch - measured interest in SVOD services; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and other relevant articles. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Spark sold Lightbox to Sky Network Television for $6 million-plus the fair value of prepaid; content rights in 2020.; The deal enabled Sky to merge Lightbox with their existing entertainment streaming; service Neon. The merged Lightbox and Neon service launched in July 2020 and was no; longer included free of charge in Spark mobile and broadband plans. As at the July 2020; merge Sky had converted over a third of bundled Lightbox customers to paying Neon; customers.; -; 20; 40; 60; 80; 100; FY18 FY19 FY20 FY21 FY22; Streaming; revenue ($m); ARPU ($); Streaming revenue includes all of Sky's streaming platforms (Neon Lightbox Sky Sport; Now and RugbyPass). ARPU calculated as the blended rate across these platforms has; been dropping due to Neon's lower ARPU.; 0.68; 0.22; 0.1; Streams by; Device; 0.3; 0.23; 0.18; 0.15; 0.05; 0.09; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; Other; CLARE CAPITAL TECH INSIGHTS

#259

Overview Clare Capital Tech Insights 259 - Unicorns - 20220819; Article: https://techcrunch.com/2013/11/02/welcome-to-the-unicorn-club/); The biggest unicorns ByteDance; Estimated total number of unicorns as at 31 July 2022 1 180; Estimated total cumulative valuation as at 31 July 2022 USD $3 842 billion ByteDance (parent company of TikTok and other products) is currently the largest; * Valuations below are pre-money and as at the last funding round that the Unicorn and was valued at USD $178 billion at its last raise.; company conducted; Company Year founded Valuation * Valuation Total raised; USD billions date USD billions; ByteDance 2012 178.0 Dec-20 9 .4; SpaceX 2002 125.0 Aug-22 9 .8; SHEIN 2008 98.5 Apr-22 2 .1; Stripe 2010 94.4 Mar-21 2 .3; Canva 2012 39.8 Sep-21 0 .5; Checkout.com 2012 39.0 Jan-22 1 .8; Instacart 2012 38.7 Mar-21 2 .9; Databricks 2013 36.4 Aug-21 3 .5; Revolut 2015 32.2 Jul-21 1 .7 Total value of Unicorns by industry (USD $ billions); FTX 2018 31.6 Jan-22 1 .8; Epic Games 1991 29.5 Apr-22 6 .4; Fanatics 1995 25.5 Mar-22 4 .2; Chime 2013 24.3 Aug-21 2 .3; BYJU's 2008 21.2 Mar-22 5 .5; J&T Express 2015 20.0 Dec-21 4 .7; Xiaohongshu 2013 19.5 Nov-21 0 .9; Miro 2011 17.1 Jan-22 0 .5; Yuanfudao 2012 16.7 Dec-20 4 .1; Ripple 2012 15.0 Jan-22 0 .3; Genki Forest 2016 14.8 Nov-21 0 .7; Discord 2012 14.5 Sep-21 1 .0; goPuff 2013 14.0 Jul-21 3 .4; Blockchain.com 2011 14.0 Mar-22 0 .5; Plaid 2013 13.0 Apr-21 0 .7; Source: https://www.cbinsights.com/research-unicorn-companies; A "Unicorn" is a private company that is valued at or above USD $1 billion and there are currently about 1 180 of these. The term "Unicorn" was first introduced by Aileen Lee ; founder of Cowboy Ventures a VC fund in an article written in 2013. She identified 39 Unicorns at the time (but only included U.S.-based software companies started since 2003).; - 200 400 600 800 1 000; Fintech; Internet software & services; E-commerce & direct-to-consumer; Artificial intelligence; Other; Health; Supply chain logistics & delivery; Cybersecurity; Data management & analytics; Auto & transportation; Hardware; Edtech; Mobile & telecommunications; Consumer & retail; Travel; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 50; 100; 150; 200; 2014 2015 2016 2017 2018 2019 2020 2021; Money raised (USD; billions); Pre-money valuation (USD; billions); CLARE CAPITAL TECH INSIGHTS; Valuations of selected current unicorns and former unicorns (USD billions); Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence CB Insights and TechCrunch. Clare Capital holds no responsibility; over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020; Valuation (USD billions); Year founded; Blue = Most recent private valuation; Green = Valuation at IPO; The valuations of many of the current unicorns are higher; than those at which former unicorns have gone public.; 23 IPOs valued; below USD $20; billion:; CLARE CAPITAL TECH INSIGHTS

#258

Overview Clare Capital Tech Insights 258 - The Emissions Trading Scheme - 20220812; Selected emissions trading schemes (price per unit in USD) New Zealand ETS timeline; This Tech Insights report takes a look at the New Zealand Emissions Trading Scheme 'NZ ETS' a key mechanism for NZ to drive down its emissions in line with the Paris Agreement. New; Zealand is one of 197 countries who committed to adopting the Paris Agreement with the long term goal to keep the rise in the mean global temperature to below 1.5°C above preindustrial; levels. Outside of New Zealand there are 24 countries with an emissions trading scheme in place with 10 in development and 14 under consideration. Page 1 (LHS) price; history for a selected group of ETS'. (RHS) NZ ETS history / developments. Page 2 (top) a diagram of the NZ ETS and it's mechanics. (Bottom) returns of selected investment products.; 2016 – New Zealand is one of 197 countries who agreed to; adopt the Paris Agreement. The Agreement takes effect from; 2020 with a commitment to reduce GHG emissions by 30 per; cent below 2005 levels by 2030.; 2017 – 1NZU = 2t CO₂ transitional measure phase-out begins; helping NZ adjust to a low emissions economy.; 2019 – Phase-out complete 1NZU = 1t CO₂.; 2019 – Climate Change Response (Zero Carbon) Amendment; Act. Provides a framework to implement climate change policies; that contribute to the Paris Agreement. Establishes the Climate; Change Commission and sets a target to reduce net emissions to; zero by 2050.; 2020 – Climate Change Response (Emission Trading Reform); Amendment Act changes settings under the ETS with aim to; reduce New Zealand’s overall emissions in-line with international; climate targets.; 2021 – Auctions of New Zealand Units and penalties are; introduced. The agricultural sector which accounts for 51% of; NZ's emissions is still not a part of the ETS.; 2008 – NZ ETS Delivered in Climate Change Response (Emissions; Trading) Amendment Act 2008.; 2009 – First ETS amendment December 2009.; 2010 – The stationary energy industrial processes and liquid; fossil fuel sectors enter the NZ ETS July 2010.; 2012 – Second ETS amendment includes 2:1 unit surrender ; entry of the agricultural sector deferred and more.; 2013 – The waste sector (landfill operators) enter the NZ ETS.; -; 20; 40; 60; 80; 100; 120; Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Jun-18 Jun-20 Jun-22; European Union (USD); California (USD); New Zealand (USD); RGGI (USD); United Kingdom (USD); China (USD); Germany (USD); NZ ETS first price; date 9 March; 2009; Fixed price option removed ; auction mechanism and 'cost; containment reserve (CCR)'; introduced.; NZU fixed price; increase from; $25 to $35.; Mid - 2015 NZ delinked; from the Kyoto; market; CLARE CAPITAL TECH INSIGHTS; Emission Trading Scheme Mechanics; Ticker Name Investment Objective ETS 1m 3m 6m 12m 18m 24m; CCA; EUA; Disclaimer; The information provided in this report includes estimates and calculations from S&P Global Market Intelligence and other sources. Clare Capital holds no responsibility over the actual; numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; (6%) (12%) 47% 137% 195% 189%; 1% 40% 61% 84% 114%; GRN; (NYSE); iPath Series B Carbon ETN; The notes objective is to provide a return exposure that mimics the price of; carbon credits from the EU ETS and the Kyoto Protocol’s CDM.; EUA CDM (12%); n/a n/a n/a (33%); CO2; (NZSE); Salt Asset Management; Carbon Fund ETF; The Fund’s objective is to provide a return exposure that mimics the price; of carbon credits through buying credits in the NZ ETS and from offshore.; NZU 7% 6%; n/a n/a 10%; KSET; (NYSE); KranShares Global Carbon; Offset Strategy ETF; KSET provides coverage of the Nature-Based Global Emission Offsets (NGEOs); and Global Emission Offsets (GEOs) through carbon offset futures.; N-GEO GEO (15%) (33%) n/a; n/a n/a (7%); KEUA; (NYSE); KraneShares European; Carbon Allowance ETF; KEUA provides targeted exposure to the European Union Allowances (EUA); cap-and-trade carbon allowance program.; (13%) (7%) (18%) n/a; 76% 116% 119%; KCCA; (NYSE); KraneShares California; Carbon Allowance ETF; KCCA provides targeted exposure to the California Carbon Allowances; (CCA) cap-and-trade carbon allowance program.; (7%) (4%) (2%) n/a; 1) Emitting entities are required to surrender 1 NZ Unit per 1; tonne of CO2 equivalent. The government earns auction revenue.; 2) The price per NZU is based on the supply of units and; demand from these entities who are required to surrender NZ; units.; 3) Each year the Government releases NZU's either free earned; or auctioned.; 4) Free units are provided to emitters at risk of global; competition.; 5) Earned units are given to those that reduce emissions such as; forests or other carbon storage.; 6) ETS participants are able to trade units between each other.; 7) Producers are incentivised to find cleaner alternatives to lower; their emissions or otherwise the ETS adds additional costs to; higher-emissions goods and services.; 9) Other mechanisms exist to make units more scarce (and more; costly) including increasing the NZU floor price raising the; ceiling price or by lowering the number of available units.; Inception; KRBN; (NYSE); KraneShares Global Carbon; ETF; KRBN is benchmarked to the IHS Markit’s Global Carbon Index which tracks; the most traded carbon credit futures contracts.; EUA RGGI CGA ; UKA; (11%) (7%) (16%) 24%; NZ units; allocated; (earned or; purchased); Producers who; remove emissions; e.g. forestry and; other carbon; storage; Participants; accountable for; emissions e.g. waste ; transport industrial; producers; Emissions intensive; trade-exposed; industries 'EITEs'; (free allocation; recipients); NZ economy; Units surrendered ; auction revenue; earned; Producers may pass the cost of; compliance on to consumers; Increased costs incentivises; behavioural changes from; consumers to reduce emissions; CLARE CAPITAL TECH INSIGHTS

12 Aug

The Emissions Trading Scheme

258

#257

Overview Clare Capital Tech Insights 257 - Tower Asset Sell Off - 20220805; New Zealand transactions Tower infrastructure components; Tower Company Aotearoa Towers TowerCo; Seller Vodafone NZ (Infratil / Brookfield) Spark; Deal announced 18 July 2022 12 July 2022; Acquirers; Proportion sold 100% 70%; Implied EV NZ $1.7 billion NZ $1.2 billion; EV/EBITDA multiple 33.8x 33.8x; # towers 1 484 1 263; Build commitment 390 new towers over 10 years 670 new towers over 10 years; Terms; Tenancy ratio Unknown 1.1x; A recent telco trend has seen both Vodafone NZ and Spark sell their tower assets (subject to approval by the Overseas Investment Office). The sale of infrastructure and shift to a leaseback; model releases capital for telcos and provides opportunity for future co-tenancy of infrastructure. Globally other telcos have set this trend including several telcos in Australia. This; Tech Insights report compares these recent (and pending) transactions. Interestingly Aotearoa Towers (Vodafone NZ) and TowerCo (Spark) were both valued at an EV/EBITDA multiple of; 33.8x.; The sale of tower assets only includes passive mobile tower; components. The telcos continue to own and operate the active parts; of their network.; Spark will sign a 15-year lease; agreement for use of the towers; Vodafone will sign a 20-year; agreement for use of the towers; InfraRed (40%) Northleaf (40%) &; Infratil (20%)*; Ontario Teachers' Pension Plan Board; *In May 2019 Infratil's equity cost for a 49.95% stake in Vodafone NZ was NZ $1.03 billion (EV/EBITDA multiple of between 6.9x - 7.4x). The sale of Aotearoa Towers will unlock a; significant portion of the value from Infratil's original equity invested in Vodafone - net of the 20% reinvestment Infratil will realise circa NZ $0.5 billion.; Active component; ie antenna cables ; remote radio equipment; and backhaul; Passive infrastructure; ie physical tower ; foundation fencing and; access facilities; CLARE CAPITAL TECH INSIGHTS; Australia transactions; Tower Company Australia Tower Network TPG passive tower assets InfraCo Towers / Amplitel Axicom; Seller Optus (Singtel) TPG Telecom Telstra Macquarie Asset Management; Deal announced May 2022 June 2021 April 2022; Acquirers; Proportion sold 70% 100% 49% 100%; Implied EV A $2.3billion A $0.95 billion A $5.9 billion A $3.6 billion; EV/EBITDA multiple 38.0x 32.1x 28.0x 27.0x; # towers 2 312 1 200 8 200 2 000; Build commitment 565 new towers over 3 years 252 new towers Unknown Unknown; Tenancy ratio 1.6x Unknown 1.3x 2.4x; Note - the tenancy ratio is the average number of tenants or operators sharing tower infrastructure.; Disclaimer; Terms Optus entered into a 20-year master Unknown; services agreement to secure access; to towers; TPG entered into a 20-year; agreement which includes an option; to extend; Telstra entered into a 15-year; agreement to secure access to; existing and new towers; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and other relevant articles. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; AustralianSuper OMERS Future Fund Commonwealth Super; and Sunsuper; Australia Tower Network; (AustralianSuper and Singtel); CLARE CAPITAL TECH INSIGHTS

#256

Overview Clare Capital Tech Insights 256 - 2022 NZ Hi-Tech Awards - 20220729; Duncan Cotterill - Most Innovative Hi-Tech Software Solution - Finalists Pacific Edge - Hi-Tech Emerging Company of the Year - Finalists; Auror (117 staff Auckland) LawVu (18 staff Tauranga); M2X (35 staff Auckland) Lumin (47 staff Christchurch); Parkable (59 staff Auckland) MacroActive (89 staff Auckland); Partly (27 staff Christchurch) NanoLayr (58 staff Auckland); Wellington Drive Technologies (102 staff Auckland) UBCO (85 staff Tauranga); Auror - also nominated for Most Innovative Hi-Tech Software Solution; Wellington is hosting the 2022 NZ Hi-Tech Awards gala dinner so this report looks at the finalists in four of the categories. The NZ Hi-Tech Awards is an event to celebrate New Zealand’s; most successful technology companies and highest achieving individuals. The Awards have been going since 1994.; Auror is a crime reporting and prevention platform for retailers. $30m; Series B in late 2021 from Movac GD1 Shasta Ventures and Folklore; Ventures.; Transport Management Solutions (TMS) for carriers and enterprise; customers. Predominantly agricultural and general freight.; Parking management software that integrates with ANPR cameras ; access gates and EV chargers. $4.7m raise from investors including; Pioneer Capital in late 2021.; Auto parts e-commerce software. Customers use Partly's software and; API to add fitment check interchanges and manage parts online.; Suppliers of advanced electronic and digital solutions for the; commercial refrigeration industry. $60m market cap on the NZX. 50%; 1 year share price increase.; Software platform for matter contract and spend management for inhouse; legal teams. $20m investment from Insight Partners and AirTree; Ventures in April 2022.; Digital tools that let you annotate collaborate and share PDF; documents in the cloud. More than 70 million users worldwide.; Personalised platform for health and wellness influencers that includes; meal plans training plans and mindset plans.; Formally known as Revolution Fibres NanoLayr has developed a; unique technology to produce electro-spun nanofibers. $6m; investment round in 2020 led by Movac.; Designs develops and distributes Utility Electric Vehicles (UEVs) and; Portable Power Supplies. Have raised more than $18m on Snowball; Effect. Currently raising.; CLARE CAPITAL TECH INSIGHTS; PwC - Hi-Tech Company of the Year - Finalists Kiwibank - Most Innovative Hi-Tech Service - Finalists; Cin7 (244 staff Auckland) Envico Technologies (12 staff Tauranga); Education Perfect (239 staff Dunedin) Fi Innovations (Invercargill); Kami (86 staff Auckland) First AML (150 staff Auckland); Pushpay (479 staff United States) Hnry (67 staff Wellington); Seequent (576 staff Christchurch) Reveal (39 staff Wellington); Wellington Drive Technologies - also nominated for Most Innovative Hi-Tech Software Solution; Note: employee numbers in this report are from LinkedIn.; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and other relevant articles. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Designs and develops 3D geological modelling software solutions; primarily for the mining industry. Pencarrow were an early investor ; acquired by Bentley Systems in 2021 for $1.6b.; Provides a donor management system to the faith sector primarily in; the United States. $1.4b market cap. Rumoured takeover.; Interactive digital learning platform used by over 30 million educators; and students. Seed funding from NZ Growth Capital Partners.; Develops a learning platform for schools and colleges. Acquired by; KKR in 2021 for an implied EV of $455m. Five V Capital an Australian; PE fund remained an investor.; Inventory and order management software. Cin7 was acquired by; Rubicon Technology Partners in 2019. Acquired DEAR Systems in; 2021; Develops and uses drones and automated technology for; conservation. Focus on invasive species detection and; control/eradication by drone.; Fourth-generation family-owned business that operates NZ’s latest 3D; Additive Manufacturing bureau and provides a range of fibreglass; products.; Cloud-based platform that automates the AML customer Due; Diligence/Know Your Customer process. 2021 $30m investment led by; Blackbird Ventures.; Software for freelancers and contractors that automatically pays and; files taxes. $16m investment from Left Lane Capital in 2022.; Experts in geophysics utility surveying project management ; engineering and 3D modelling. Are building subsurface digital tools.; CLARE CAPITAL TECH INSIGHTS

29 Jul

256

2022 NZ Hi-Tech Awards

#255

Overview Clare Capital Tech Insights 255 - The gaming industry- 20220722; Top 10 Movies and Entertainment company revenues Top 10 Interactive Entertainment company revenues; Sample event prize pools in USD millions Total earnings for selected individuals in USD millions in 2022; Over the last decade it's estimated the gaming industry has fast become a larger industry than music and movies combined. This Tech Insights report takes a closer look into the; industry specifically comparing the relative size of the 'Movies and Entertainment' industry with the 'Interactive Entertainment' (gaming) industry across a number of metrics.; 81; 47; 40; 34; 26; 15; 15; 8; 3; 3; - 25 50 75; World Series Poker 2019; Wimbledon (Tennis); Dota 2 The International 2021; Dota 2 The International 2019; Dota 2 The International 2018; Fortnite World Cup Finals 2019 - Solo; Masters Tournament 2022 (Golf); Honor of Kings World Cup 2021; PDC World Darts Championship; World Snooker Championship 2021; 68; 90; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 2018 2019 2020 2021 2021*; USD Billions; 37 Interactive; Playtika; Square Enix; Bilibili; Take Two Interactive; Sea; Electronic Arts; Nintendo; Activision Blizzard; NetEase; 130; 121; 115; 95; 93; 40; 25; 22; 10; 9; - 50 100 150; Lionel Messi (Football); LeBron James (Basketball); Cristiano Ronaldo (Football); Neymar (Football); Stephen Curry (Basketball); PewDiePie (Gaming); Ninja (Gaming); Shroud (Gaming); TimTheTatman (Gaming); Nickmercs (Gaming); -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 2018 2019 2020 2021 2022; USD Billions; iQIYI; Tencent Music; Endeavor; Warner Music; Live Nation; Universal Music; Spotify; Warner Bros; Netflix; Disney; ■ Sporting; ■ Gaming; PewDiePie's earnings; would put him in the top; 40 for highest earning; athletes in 2022.; 2021* includes estimates of; gaming related revenues; from each of Tencent ; Apple Sony Microsoft and; Google for 2021.; CLARE CAPITAL TECH INSIGHTS; Top 5 Movies and Entertainment companies by market cap (USD billions) Top 5 Interactive Entertainment companies by market cap (USD billions); All time highest grossing films (USD billions inflation adjusted) All time highest grossing games (USD billions inflation adjusted); Disclaimer; The information provided in this report includes estimates and calculations from S&P Global Market Intelligence and other sources. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 100; 200; 300; 400; 500; 600; 700; Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22; Disney Netflix Spotify Warner Bros Universal Music; -; 100; 200; 300; 400; 500; 600; 700; Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22; NetEase Nintendo Activision Electronic Arts Sea; 3.7; 3.3; 3.1; 3.1; 2.8; 2.6; 2.5; 2.4; 2.2; 2.2; - 2 4; Gone with the Wind (1939); Avatar (2009); Titanic (1997); Star Wars (1977); Avengers: Endgame (2019); The Sound of Music (1965); E.T. the Extra-Terrestrial (1982); The Ten Commandments (1956); Doctor Zhivago (1965); The Force Awakens (2015); 19.2; 19; 18; 17.4; 14.7; 13.1; 11.2; 10.1; 9.9; 9.7; - 10 20; Pac-Man (1980); Space Invaders (1978); Dungeon Fighter Online (2005); Street Fighter II (1991); Honor of Kings (2015); CrossFire (2007); PUBG (2017); League of Legends (2009); Monster Strike (2013); World of Warcraft (2004); CLARE CAPITAL TECH INSIGHTS

#254

Overview Clare Capital Tech Insights 254 - Cloud Index as of 30 June 2022 - 20220715; NTM Revenue Multiple Index for Public Cloud Companies Listed in the US and ANZ (EV / NTM Revenue); Performance Jun-22 Mar-22 Change Jun-21 Change; US Cloud Index 5.4x 8.6x (37%) 15.9x (66%); US Cloud Index (12MMA) 11.2x 13.1x (15%) 15.3x (27%); ANZ Cloud Index 2.6x 3.7x (31%) 5.4x (52%); ANZ Cloud Index (12MMA) 4.3x 4.9x (14%) 5.8x (27%) Note: NTM = Next 12 months 12MMA = 12 month moving average; This report looks at valuation metrics for cloud companies publicly listed in the United States Australia and New Zealand. The index consists of 93 companies in the United States (US) and 50; companies in Australia/New Zealand (ANZ). It is worth noting that there is a significant company size difference between the two indices with the median EV of US companies at $7.0b NZD; versus $0.24b NZD for ANZ companies. As at the 30th of June 2022 the US Cloud index has had another hard quarter down 37% from the previous quarter to 5.4x NTM revenue. The ANZ; Cloud index has not escaped the downtrend either falling 31% to 2.6x NTM revenue.; 19.6x; 6.6x; -; 2.0x; 4.0x; 6.0x; 8.0x; 10.0x; 12.0x; 14.0x; 16.0x; 18.0x; 20.0x; 31-Dec-17 30-Jun-18 31-Dec-18 30-Jun-19 31-Dec-19 30-Jun-20 31-Dec-20 30-Jun-21 31-Dec-21 30-Jun-22; 5.4x; 2.6x; 11.2x; 4.3x; ANZ Cloud Index; (Median); US Cloud Index; (Median); ANZ Cloud Index; (12MMA); US Cloud Index; (12MMA); CLARE CAPITAL TECH INSIGHTS; NTM Revenue Multiple Index for Public Cloud Companies Listed in the US NTM Revenue Multiple Index for Public Cloud Companies Listed in ANZ; US Cloud Index 25th 75th 90th ANZ Cloud Index 25th 75th 90th; 30-Jun-22 Percentile Median Percentile Percentile 30-Jun-22 Percentile Median Percentile Percentile; EV ($m NZD) 2 471 6 979 20 314 56 442 EV ($m NZD) 7 7 2 45 5 44 2 599; EV / NTM Rev 3.3x 5.4x 7.9x 12.8x EV / NTM Rev 1.2x 2.6x 4.7x 10.0x; Revenue Growth (NTM) 16% 25% 34% 50% Revenue Growth (NTM) 1% 18% 39% 130%; EV / LTM Rev 3.9x 7.0x 10.3x 18.0x EV / LTM Rev 1.6x 3.3x 6.3x 15.4x; Revenue Growth (LTM) 21% 31% 44% 66% Revenue Growth (LTM) 11% 24% 53% 97%; Gross Margin 65% 74% 79% 87% Gross Margin 39% 59% 85% 97%; Operating Margin (38%) (18%) 0% 19% Operating Margin (37%) (14%) 16% 32%; FCF Margin 4% 16% 29% 39% FCF Margin (12%) 1% 16% 30%; Note: The percentiles for each metric are calculated individually.; EV = Enterprise Value LTM = Last 12 months NTM = Next 12 months FCF = Unlevered free cash flow; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 10.0x; 20.0x; 30.0x; 40.0x; 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21; 25th Percentile Median 75th Percentile; -; 4.0x; 8.0x; 12.0x; 16.0x; 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21; 25th Percentile Median 75th Percentile; 4.7x; 2.6x; 1.2x; 7.9x; 5.4x; 3.3x; 19.6x; 6.6x; Median Market High; (Feb-21); CLARE CAPITAL TECH INSIGHTS

15 Jul

Cloud Index as of 30 June 2022

254

#253

Overview Clare Capital Tech Insights 253 - Buy Now Pay Later Crash - 20220708; Block and Afterpay combined market cap NZ$ billion Combined market cap for ASX listed BNPL companies NZ$ billion; Peak Current Change Peak Current Change; Combined 220.0 63.3 -71% Combined 15.2 1.8 -88%; EV / LTM revenue for Block and Afterpay Combined EV / LTM revenue for companies above (ASX listed BNPL); At the start of 2020 Clare Capital put out a Tech Insights report about Afterpay and the Australian ‘Buy Now Pay Later’ sector. The report showed growth (in revenue and stock prices); and high valuation multiples. The sector continued to grow culminating in the sale of Afterpay for ~NZ$40 billion. The valuations of these businesses have subsequently collapsed.; Although revenue has continued to grow unit economics for a number of these firms have been exposed as extremely challenging.; -; 50; 100; 150; 200; 250; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; Afterpay Block; -; 2; 4; 6; 8; 10; 12; 14; 16; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; Zip EML Tyro Sezzle Humm Splitit Openpay Laybuy; -; 5x; 10x; 15x; 20x; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; -; 5x; 10x; 15x; 20x; -; 20x; 40x; 60x; 80x; 100x; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; Afterpay Block; Block acquire; Afterpay; CLARE CAPITAL TECH INSIGHTS; Revenue (NZ$m) and Net Income margins for ASX BNPL companies; P&L for selected BNPL companies NZ$m; Openpay Laybuy Sezzle Afterpay; FY21 FY22 FY21 FY21; Gross Merchandise Value 365 868 2 636 23 025; Revenue 28 47 168 898; Provisions for bad debt 13 31 77 209; Revenue less provisions for bad debt 15 16 91 688; Margin 53% 35% 54% 77%; Revenue (NZ$m) and Net Income margins for ASX BNPL companies Employment expenses 30 15 83 162; Other expenses 47 45 108 583; EBITDA (62) (43) (100) (57); Margin (220%) (91%) (59%) (6%); Net loss (68) (52) (110) (168); Margin (242%) (110%) (65%) (19%); Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -4; -3; -2; -1; -; 1; 2; 3; 4; 20; 70; 120; 170; FY18; FY19; FY20; FY21; FY18; FY19; FY20; FY21; FY19; FY20; FY21; FY22; FY18; FY19; FY20; FY21; Splitit Openpay Laybuy Sezzle; -0.7; -0.5; -0.3; -0.1; 0.1; 0.3; 0.5; 0.7; 50; 150; 250; 350; 450; FY18; FY19; FY20; FY21; FY18; FY19; FY20; FY21; FY18; FY19; FY20; FY21; FY18; FY19; FY20; FY21; EML Tyro Humm Zip; CLARE CAPITAL TECH INSIGHTS

8 Jul

253

Buy Now, Pay Later Crash

#252

Overview Clare Capital Tech Insights 252 - IT services companies - 20220701; EV / EBITDA for listed IT services companies by revenue cohort EV / EBITDA for IT services transactions by revenue cohort; EV / Revenue for listed IT services companies by revenue cohort EV / Revenue for IT services transactions by revenue cohort; This report looks at listed IT services companies and transactions of private IT services companies. For each catagory the companies are split into cohorts based on revenue with around; 100 companies in the public company cohorts and 75 in the transaction cohorts. The first page shows the inter-quartile range for EBITDA and revenue multiples across the two categories.; The second page provides a deeper look at some of the public companies including metrics of the largest public IT services companies in the world.; -; 5x; 10x; 15x; 20x; 25x; 10-30 30-70 70-140 140-300 300-900 900+; LTM revenue NZ$m; -; 1x; 2x; 3x; 4x; 10-30 30-70 70-140 140-300 300-900 900+; LTM revenue NZ$m; Lower Q; Median; Upper Q; Lower Q; Median; Upper Q; -; 1x; 2x; 3x; 4x; <15 15-90 90-330 330+; LTM revenue NZ$m; -; 5x; 10x; 15x; 20x; 25x; <15 15-90 90-330 330+; LTM revenue NZ$m; Lower Q; Median; Upper Q; Lower Q; Median; Upper Q; CLARE CAPITAL TECH INSIGHTS; Revenue per employee for listed IT services companies by revenue cohort NZ$000s EBITDA margins for listed IT services companies by revenue cohort; Comparator metrics for the largest IT services companies; IBM United States 2 81 514 84 011 16% 3.4x 297 17 447 1% 16.1x 21%; Accenture Ireland 2 82 928 91 590 39% 3.1x 115 15 436 40% 18.3x 17%; Tata Consultancy India 2 40 470 36 372 13% 6.6x 66 9 766 11% 24.6x 27%; Infosys India 1 23 415 23 480 21% 5.3x 70 5 925 9% 20.8x 25%; Cognizant United States 5 6 194 27 253 13% 2.1x 82 4 910 17% 11.4x 18%; Capgemini France 5 4 422 30 178 12% 1.8x 93 3 997 19% 13.6x 13%; HCL India 5 1 567 16 527 14% 3.1x 86 3 829 2% 13.5x 23%; Wipro India 4 3 944 15 003 24% 2.9x 61 2 996 9% 14.7x 20%; Fujitsu Japan 3 8 822 42 519 -8% 0.9x 367 4 808 -4% 8.1x 11%; Gartner United States 3 6 334 7 043 18% 5.2x 417 1 666 48% 21.8x 24%; NTT Japan 3 5 967 30 251 1% 1.2x 215 5 127 12% 7.0x 17%; CGI Canada 3 3 921 14 286 4% 2.4x 173 2 517 5% 13.5x 18%; Nomura Japan 2 7 374 7 250 2% 3.8x 530 1 714 7% 16.0x 24%; Mean 100 529 32 751 13% 3.2x 198 6 164 14% 15.3x 20%; Median 51 567 27 253 13% 3.1x 115 4 808 9% 14.7x 20%; Disclaimer; Revenue/employee; NZ$000s; LTM EBITDA; NZ$m; LTM EBITDA; growth; LTM EBITDA; multiple; LTM EBITDA; margin; LTM revenue; multiple; LTM revenue; growth; LTM revenue; NZ$m; Company Name Country EV NZ$m; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 0.05; 0.1; 0.15; 10-30 30-70 70-140 140-300 300-900 900+; LTM revenue NZ$m; -; 50; 100; 150; 200; 250; 300; 350; 400; 10-30 30-70 70-140 140-300 300-900 900+; LTM revenue NZ$m; Lower Q; Median; Upper Q; Lower Q; Median; Upper Q; `; CLARE CAPITAL TECH INSIGHTS

1 Jul

252

IT services companies

#251

Overview Clare Capital Tech Insights 251 - Technology company brand portfolios - 20220624; Sector Apple Amazon Microsoft Alphabet; Electronics /; Appliances; Entertainment /; Music; Social media /; Communications; Retail / Shopping /; Advertising; Other; Revenues Total revenue (USD $m) Total revenue (USD $m) Total revenue (USD $m) Total revenue (USD $m); Market cap (USD $m) Market cap (USD $m) Market cap (USD $m) Market cap (USD $m); This Tech Insights report looks at a range of listed technology companies to see the brands/subsidiaries that are owned by these companies. This Tech Insights was influenced by looking; at the brand portfolios of the Fast Moving Consumer Goods (FMCG) sector where a small number of companies (e.g. Nestle Unilever Mondelez) control vast numbers of consumer; brands. Of course the list in this Tech Insights report is not exhaustive.; 386017; 2292793; 477748; 1184912; 192557; 2002137; 270334; 1557259; In a grey box = No; longer operating; CLARE CAPITAL TECH INSIGHTS; Sector Meta Samsung Sony Block; Electronics /; Appliances; Entertainment /; Music; Social media /; Communications; Retail / Shopping /; Advertising; Other; Revenues Total revenue (USD $m) Total revenue (USD $m) Total revenue (USD $m) Total revenue (USD $m); Market cap (USD $m) Market cap (USD $m) Market cap (USD $m) Market cap (USD $m); Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 16565; 41306; 119666; 475872; 240381; 304163; 81703; 102947; In a grey box = No; longer operating; CLARE CAPITAL TECH INSIGHTS

24 Jun

Technology company brand portfolios

251

#250

Overview Clare Capital Tech Insights 250 - Transaction break fees - 20220617; Break fees for M&A transactions between US$100m and US$30b since 2018; NZ transactions with break fees (US$m); $ % $ %; Tilt PowAR 2 635 21 0.79% 21 0.79%; Z Energy Ampol 2 261 14 0.61% 14 0.61%; Trade Me Apax 1 911 13 0.69% na na; Metlifecare EQT 1 038 8 0.81% 8 0.81%; Two Degrees Voyage 900 10 1.14% na na; Abano OTP 274 1 0.29% 1 0.29%; Augusta Capital Centuria 138 1 0.94% na na; Methven GWAIL 101 1 0.81% 1 0.81%; Note: the Augusta deal was cancelled by Centuria; Seller Buyer Value; Seller fee Buyer fee; M&A transactions sometimes have break fees. This is normally a dollar amount to be paid by either the buyer or seller if they pull out of the transaction. Notably the announced Twitter; acquisition by Elon Musk has a break fee of US$1b (2.07%) applicable to both Twitter and Elon Musk. This report looks at all M&A deals over US$100m since 2018 that have a buyer or; seller break fee. The average buyer fee is 2.17% of the transaction value and the average seller fee is 2.23%.; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; 0.09; 0.1; - 5 10 15 20 25 30; Break fee (% of transaction value); Total transaction value US$b (includes announced and cancelled transactions); Seller; Buyer; Same for both; Buyer; only: 23%; Seller; only: 35%; Both: 43%; 1 686 transactions in total; Over 10%; Buyer: 26; Seller: 9; Same for both: 6; Venn diagram of break fees for all transactions; over $US100m since 2018; CLARE CAPITAL TECH INSIGHTS; Break fees for M&A transactions over US$30b since 2018; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Warner Media; Raytheon; Activision Blizzard; Evernorth; Energy Transfer; Anadarko Petroleum (Cancelled); IHS Markit; Xilinx Alexion Red Hat; Andeavor; Kansas City Southern (Cancelled); Cerner; Warner Media; Raytheon; TFCF (Cancelled); Allergan; Sprint; Activision Blizzard; Evernorth; IHS Markit; Fiat Chrysler; Alexion; Xilinx; Andeavor; Kansas City Southern (Cancelled); Celgene; Vmware; Anadarko Petroleum (Closed); Twitter; Worldpay; First Data; Kansas City Southern; Willis Towers Watson (Cancelled); -; 0.01; 0.02; 0.03; 0.04; 0.05; 30 40 50 60 70 80 90 100 110; Break fee (% of transaction value); Total transaction value US$b (includes announced and cancelled transactions); Seller; Buyer; Same for; both; Anadarko paid US$1b to Chevron for cancelling their; proposed transaction and instead transacting with; Occidental Petroleum for an extra US$5.8b.; AON paid a US$1bn break fee to Willis Towers Watson after; the US Department of Justice sued to block the deal on; competition grounds.; KCS paid Canadian National US$1.4b a US$700m termination fee and; the return of US$700m that was originally used to end an earlier; agreement with the eventual acquirer; Canadian Pacific.; CLARE CAPITAL TECH INSIGHTS

17 Jun